Ripple’s stablecoin RLUSD has seen a significant increase in its circulating supply, expanding by 29% in the week ending June 8. This resulted in an additional $72.5 million being added to the token’s float, bringing the total to $320.6 million. This marks the first time RLUSD has surpassed the $300 million threshold and represents a sixfold increase since its launch on Dec. 17, 2024.
Data from Artemis shows that the increase in circulating supply coincided with a 38% rise in weekly transfer volume, reaching $648.1 million compared to $469.7 million the previous week. This is close to the peak weekly transfer volume of $741 million recorded between April 21 and 27.
Despite this growth, RLUSD still accounts for only about 0.1% of the $236 billion stablecoin market. Larger stablecoins like USDT and USDC continue to dominate, with USDT growing to $157.9 billion and USDC slightly decreasing to $59.6 billion. Smaller stablecoins such as PYUSD and USDS also saw single-digit percentage gains.
Ripple issues RLUSD under a New York trust-company license, backing each token with short-term Treasurys and cash held in regulated accounts. During the measurement period, no tokens were burned, indicating that the increase in circulating supply was due to net new creation rather than the re-issuance of previously redeemed tokens.
The approval of RLUSD for use within the Dubai International Financial Centre by the Dubai Financial Services Authority opened up a new distribution channel for the stablecoin. Ripple plans to integrate RLUSD with its DFSA-licensed payments platform, allowing up to 7,000 locally regulated firms to settle transactions using the token.
Reece Merrick, Ripple’s managing director for the Middle East and Africa, highlighted the growing demand for digital-asset settlement and custody in the region, describing the UAE’s digital economy as vibrant and dynamic. The DFSA approval grants RLUSD both US and international regulatory recognition, placing it alongside other major stablecoins like USDT and USDC that already operate in the emirate.
Additionally, following the acquisition of the prime brokerage platform Hidden Road, Ripple intends to integrate RLUSD into Hidden Road’s services as part of the $1.25 billion deal. This move further solidifies RLUSD’s position in the digital asset market and opens up new opportunities for its use in financial transactions.